Agility said on Thursday it was seeking to settle by arbitration a USD380mn dispute with Iraq's government over the company's investment in the Iraqi telecommunications sector. Agility has filed for arbitration at the International Centre for Settlement of Investment Disputes, which is part of the World Bank group and handles disputes between international investors, Agility said in a statement. The company said Iraq had indirectly confiscated its investment, which was worth over USD380mn. In March 2011, Agility and Orange said they would acquire a 44% stake in Iraqi mobile telecoms operator Korek Telecom. The two groups would form a joint venture, 54% owned by Agility, to control the stake. Agility was to contribute convertible debt and inject an additional USD50mn for its 24% indirect stake, with Orange paying USD245mn for its 20% indirect stake while extending a USD185mn, four-year loan to the Iraqi firm. (Reuters)